Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of February 2008. The report details a resolution passed by the Board of Directors of Woori Bank, a wholly-owned subsidiary, regarding the payment of cash dividends for the fiscal year ended December 31, 2007.
Key Financial Metrics
The filing focuses exclusively on dividend distribution metrics rather than comprehensive financial statements such as revenue, profit, or cash flow. Key dividend figures are as follows:
- Dividend per share (FY 2007): KRW 315
- Total Dividend Amount (FY 2007): KRW 200,326,322,700
- Dividend Ratio (FY 2007): 6.3% (of dividend per share to par value)
- Record Date: December 31, 2007
The filing text does not provide clear values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios.
Material Changes Versus Prior Period
There is a significant reduction in dividend payouts compared to the prior fiscal year:
- Dividend per share: Decreased from KRW 668 in FY 2006 to KRW 315 in FY 2007.
- Total Dividend Amount: Decreased from KRW 424,818,995,440 in FY 2006 to KRW 200,326,322,700 in FY 2007.
- Dividend Ratio: Decreased from 13.36% in FY 2006 to 6.3% in FY 2007.
Guidance, Outlook, and Management Commentary
The Board of Directors has recommended the dividend payment, subject to final approval at the General Shareholders' Meeting scheduled for March 26, 2008. If approved, the dividend is expected to be paid within one month of the meeting date. The filing notes that the details are subject to change pending shareholder approval. No specific guidance on future earnings, risks, or contingencies is provided in this document.
Important Facts for Investor Verification
- Verify the final approval of the KRW 315 per share dividend at the General Shareholders' Meeting on March 26, 2008.
- Confirm the actual payment date, which is expected to occur within one month of the shareholder meeting.
- Review the full FY 2007 annual report to understand the underlying financial performance driving the 52.8% reduction in dividend per share compared to FY 2006.
- Check for any subsequent filings regarding the outcome of the shareholder vote.